In April 2024, former Italian Prime Minister Enrico Letta presented his report 'Much More Than a Market' to the European Council, commissioned by the Belgian EU Presidency. The report assessed the state of the EU single market 30 years after its creation and proposed reforms for its future. Key findings included: (1) the single market remains incomplete in services, with only about 25% of services cross-border trade potential realised; (2) the EU's financial markets are fragmented, with savings of approximately €300 billion per year leaving the EU for investment in US assets; (3) the digital single market lacks scale, with fragmented national regulations hampering European tech companies; (4) energy market integration remains insufficient. The report proposed creating a 'fifth freedom' of the single market — free movement of research, innovation, and data — alongside the existing four freedoms (goods, services, capital, persons). It also called for harmonising corporate taxation, creating a European savings and investment product, and strengthening EU-level procurement for defence and security.